Why is the Apple Card made of titanium, and why does it have your name laser-etched on its front? Because it's premium, just like everything else Apple does.
The Apple Card, like the American Express Centurion card before it (aka the "black card"), is intended to demonstrate wealth. It's the credit card equivalent of driving a Ferrari, just as having the latest iPhone is the phone equivalent of driving a Ferrari.
For most credit card users, the Apple Card doesn't really compete with existing credit card programs. Its benefits are meager, and its APR is a relatively standard range.
As The Points Guy's Jason Steele wrote earlier this month, "If you don't have an iPhone, or if you're less interested in its unique features like the card design and Touch ID integration, you have plenty of other strong credit card options, from no-annual-fee cards that can help you build credit like the Petal Card to compelling cash-back options like the Capital One Savor."
Simply put: There are better credit card options out there. But that's not really the point of a card like Apple Card, is it?